This build is essentially a support/tank build that is meant to help boost team damage while being able to take a lot of damage.
With the new changes to Taric's ulti, its a little less helpful since it no longer heals your allies, however, it is still very useful in increasing team damage. The ulti combined with Rally can increase base attack damage for the entire team by a large amount.
As for the skill sequence, Dazzle allows you and whoever you are laning with to try and get first blood or be used as a defensive move to try and give you a chance to run away and avoid giving you the shame of dieing first. You don't really need to build this skill till the end since the stun length is based on distance from the target and not the level of the skill. After that you should focus on getting Shatter up as fast as possible. Shatters a great farming move and in conjunction with an AoE move from another hero, allows you to kill an entire wave of minions in two clicks. It is also a very nice for fights as it does nice burst damage and reduced their armor by a good bit.
Also, don't forget about Imbue. While you may be tempted to continually use it on yourself, it is a great healing move for team fights. While Soraka's heal may heal for more, Taric is able to heal himself AND an ally for the same amount in one heal. And don't forget that attacking decreases the cooldown of it.
As for clarity, this item build make Taric wanting in the mana region in the early game having basically only his melee attack to regen mana. Clarity allows him to almost full gen his mana and (thanks to the mastery build) regen the mana of his lane partner (or entire team in team fights) further increasing his support role.
P.S. The Ninja Tabi can and should be replaced by the Mercury Treads for heavy CC teams or Magic DPS teams.